Capital Gains Tax
| Exemptions | 2008/09 | 2007/08 |
| Individuals, estates, etc | £9,600 |
£9,200 |
| Trusts generally | £4,800 |
£4,600 |
| Chattels proceeds ( 5/3excess gain is taxable) | £6,000 |
£6,000 |
| Rates | ||
| Individuals | 18% |
10%, 20% or 40% |
| Trusts and estates | 18% |
40% |
| Entrepreneurs' Relief 2008/09: | ||
| 4/9ths of business gain (effective tax
rate of 10%). Lifetime limit: £1,000,000 For trading businesses and companies (min. 5% employee/director shareholding) held for at least one year |
||
| Taper Relief for 2007-08 | ||
| Percentage of gain chargeable | ||
| Years owned | 1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
| Business Assets | 50 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
| Other Assets* | 100 |
100 |
95 |
90 |
85 |
80 |
75 |
70 |
65 |
60 |
 |
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* One year's extra relief for other assets owned before 17/3/98 |
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